Online Accounting Support Professional and knowledgeable assistance on your accounting can give you a clearer picture of the financial history of your company, helping you to plan for the future. Keeping a strict record, with the help of a certified accountant or tax advisor, will allow you to easily see where your company may need financial changes, maximizing the potential profit of your business. Benefits of online accounting system can be summarized as follows.  Cloud software allows organisation access to faster digital innovations while also allowing for seamless communication between departments.  Cloud accounting software offers automatic updates.  Cloud accounting software improves user experience due to increased speed and more efficiency.  Real time overviews of financial position.  An online system can be accessed anywhere and at any time by anyone.

SELF ASSESSMENT TAX RETURNS SOLE TRADERS As a self-employed sole trader you will need to complete a self assessment tax return when it comes to paying your tax. This can be quite a complex process and can be quite a steep learning curve.All taxable income must be reported on a self assessment tax return however non-taxable income and ISA interest is not reportable. You also have a personal allowance to take into account. You will need to include your salary and your trade profits as well as your rental income and bank interest and dividends. It is the sole trader’s responsibility to tell HMRC that they are in business and need to file a self assessment tax return. Business owners must:  Keep all company records of expenses and sales  Send an annual self assessment tax return  Pay income tax on all profits  Pay class 2 and, if applicable Class 4 NI contributions

CONTROL ACCOUNTS RECONCILIATION Book Keeping is a science to get your financials accurate. Govern by accounting standards, business should take care in maintaining accuracy of their books of accounts. Control Accounts are one of the major part when closing periodic nominal ledger. To get correct balances it is a must that control accounts are properly reconciled and correct amounts are transferred to profit and loss account. When it comes to keeping the accounts for a small business, a single accounting general ledger is usually sufficient, however for larger companies where transactions are too numerous to be dealt with by a single person there is a need for subsidiary ledgers, or a double entry system.

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